Bengaluru-based property developer Brigade Enterprises is set to launch large commercial real estate projects spread over six million square feet during the fiscal 2016-17. The company will invest in excess of R3,000 crore for various projects, a top company official said.
The proposed projects include setting up of a world trade centre in Chennai and an office-cum-retail and residential project at Brookfields in Bengaluru. “We are commencing the construction on these projects during the current financial year. We will invest R1,000 crore on development of World Trade Centre at Chennai and close to R2,000 crore for the development of office-cum-retail project at Brookfields in Bengaluru,” Vishal Mirchandani, CEO, Commercial, Brigade Enterprises told FE.
Brigade has partnered with Singapore’s sovereign wealth fund GIC for both Brookfields and WTC project in Chennai. “We will be executing both these projects through a joint venture with GIC,” he said without sharing the details of the joint venture.
In March last year, the Brigade Group acquired 10.72 acres of land from Brooke Bond Real Estate, a subsidiary of Hindustan Unilever (HUL) at Brookfields in Bengaluru’s Whitefield area for along with GIC Singapore, for an estimated value of R200 crore.
“We will develop an office space spread over 3 million sq ft and another 300,000 sq ft retail space at this project through a JV with GIC. There will also be a residential project at a later stage,” Mirchandani said adding that the company would invest close to R2,000 crore in this project. The construction of this property will commence during the third quarter of this year and will be completed by end of 2019.
In Chennai, the Brigade Group acquired 15.5 acres land from Kansai Nerolac Paints in August 2015 in a deal valued at R550 crore.